Bill Murphy On Money Manipulation And The Future Of Gold - By Anthony Wile (24/3/14) PDF Print E-mail
Anthony Wile   
Monday, 24 March 2014 07:20

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Hazlitt’s Timeless Wisdom - By Doug French - (24/3/14) PDF Print E-mail
Doug French   
Monday, 24 March 2014 07:17

Mudwig von Mises Institute

CNBC’s Rick Santelli used his “Santelli Exchange” segment on March 14th to highlight the wisdom of Hazlitt’s Economics in One Lesson written in 1946.

The financial network’s tea party rabble rouser and sparring partner to economist Steve Liesman said, Warren Buffett had talked that morning about reading Timothy Geithner’s new book Stress Test: Reflections on Financial Crisis and the Oracle of Omaha said maybe the government saved the world back in 2008.

Santelli highlighted chapter six from Hazlitt’s great work where he wrote that if government makes loans, that private lenders won’t make, to entities that can’t pay back, economic signals get destroyed, and chaos ensues. Hazlitt also emphasized that all credit is debt.

Another Hazlitt fan, Jim Grant of Grant’s Interest Rate Observer, delivered the Henry Hazlitt Memorial Lecture in Auburn, Alabama less than a week after Santelli’s comments.  Grant said, “I can’t imagine what the world would be like without Economics In One Lesson.”



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The Massive Problem Threatening The Global Recovery - By Bill Bonner (24/3/14) PDF Print E-mail
Bill Bonner   
Monday, 24 March 2014 07:15

Bonner & Partners

Still Struggling


The most telling stories are coming from the world economy, not its manipulated markets. The price of copper is collapsing. The Baltic Dry Index is dragging along the bottom. Seven years after the start of the debt crisis the global economy is still struggling
.
Hedge-fund-turned-family-office-manager George Soros says Europe could be in for a 25-year slump. Bloomberg reports:
 
“Billionaire investor George Soros said Europe faces 25 years of Japanese-style stagnation unless politicians pursue further integration of the currency bloc and change policies that have discouraged banks from lending. Europe “may not survive 25 years of stagnation,” Soros said in the interview with Francine Lacqua.”
 
It was in the spring of 2007 that the first crack appeared in the weakest part of the debt structure: US subprime mortgages. By March 2007 the value of subprime mortgages had risen to $1.3 trillion.



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The Case Of The US dollar… A Ponzi scheme? - By Simon Black (24/3/14) PDF Print E-mail
Simon Black   
Monday, 24 March 2014 07:12

Sovereign Man

There’s a politician in Russia trying to ban the dollar, calling it a Ponzi scheme.

20 years ago this would have been considered blasphemous. 10 years ago it would have been laughed at. Today, it’s taken seriously. And with good reason.

If you dive deep into the Federal Reserve’s balance sheets, you can see for yourself.

Just like any other bank, the Federal Reserve has assets and liabilities. The difference between the two of these is the bank’s capital. And in general, the higher the capital, the stronger the bank.

One way to measure a bank’s capital is as a percentage of its assets– higher is always better.



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The Federal Reserve: Masters Of The Universe Or Trapped Incompetents? - By Charles Hugh Smith (24/3/14) PDF Print E-mail
Charles Hugh Smith   
Monday, 24 March 2014 07:08

OfTwoMInds

Suppose the Fed was actually little more than a collection of incompetents trapped in a broken system that is beyond repair.

For a variety of reasons, the Federal Reserve is viewed by many as the financial Master of the Universe. Given how the media hangs on every pronouncement and the visible power of the Fed's policies to move markets, this view is understandable.

But suppose rather than being masters of all things financial, the Fed was actually little more than a collection of incompetents trapped in a broken system that is beyond repair.
Many reasons have been proposed to explain the Fed's policies, and most (including my own expressed here) focus on the Fed's need to protect the banking sector and the Status Quo, lest the whole rotten contraption collapses in a heap of worthless derivatives and various Ponzi schemes.

An alternative view is that the members of the Fed have been selected for incompetence by a system that fosters incompetence by its very nature, i.e. a centralized power center.



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